Apple's sales slowdown tugs Nasdaq index lower

A sharp drop in Apple's stock is pulling the Nasdaq down with it after the tech giant predicted weaker sales.

Other indexes were mixed. The Standard & Poor's 500 briefly crossed above 1,500 for the first time since December 2007.

Apple plunged 12 percent, or $63.50, to $450.50. With iPhone sales hitting a plateau and no new products to introduce, Apple said sales would likely increase just 7 percent in the current quarter. That's a let-down for a company that has posted growth rates above 50 percent.

The Dow Jones industrial average closed up 46 points at 13,825 Thursday.